Deccan Chronicle shares dive on alleged forgery case

The shares of the Deccan Chronicle plunged again on Wednesday on news that the Karvy Group has filed a police complaint against the promoters pointing to allegations of forgery and misrepresentation, as reported by Times of India.

The shares of the company today touched lower circuit at Rs 13.95 lower by 9.71% on BSE.

As per the reports, complained was filed against the three promoters.

The shares of the company have been trading consistently lower on a spate of negative reports. On Monday, the company shares touched new low and plunged to a new historical low today, hitting lower circuit at Rs 13.95.

Earlier, media reports had stated that the company had defaulted on non-convertible debentures, and also stacked up liabilities.

As per reports, Industrial Finance Corporationof India Ltd (IFCI) filed a petition against DCHL in the Andhra Pradesh High Court on Friday, after it said that the media company has defaulted on redemption of 250 unsecured redeemable non- convertible debentures (NCDs) on June 26.

DCHL also failed to pay up its dues of Rs 27.80 crore despite repeated requests and demands, the report said.

Also, on Friday, promoters of DCHL pledged 54% of their stake with Future Capital Holdings.